No single click effect, unfortunately. You must draw it.
A text, outlined and ungrouped, no fill, a thin stroke is inserted.
Draw one or more lines over the writing
Split the writing with the lines. Select the line, goto Object > Path > Divide Objects Below
Drag some parts further and scale them bigger
Connect the parts by drawing lines (=red) Have Smart Guides and Snap to Points ON. Te ends must be in the corner points. Fix with the direct selection tool, if needed.
Select all. Unite the areas with the Shape Builder (=drag over division lines). Select the wanted fill color and stroke.
Your example has second folding stage in some letters. You can add them for ex. by moving and scaling the splitted parts again before uniting with the shape builder. Then you can draw new set of connection lines.
Actually no connection lines are needed. Insert new nodes to the outlined letters and simply stretch them with the direct selection tool. Select only for ex the lower part. Then you can scale with Object > Transform > Scale:
The scaled area is selected with the direct selection tool. Curved parts unfortunately are difficult to control. With connection lines there's no curved parts.